<SEC-DOCUMENT>0000930413-15-000479.txt : 20150210
<SEC-HEADER>0000930413-15-000479.hdr.sgml : 20150210
<ACCEPTANCE-DATETIME>20150210164028
ACCESSION NUMBER:		0000930413-15-000479
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150209
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150210
DATE AS OF CHANGE:		20150210

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARK RESTAURANTS CORP
		CENTRAL INDEX KEY:			0000779544
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				133156768
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09453
		FILM NUMBER:		15594385

	BUSINESS ADDRESS:	
		STREET 1:		85 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10003-3019
		BUSINESS PHONE:		2122068800

	MAIL ADDRESS:	
		STREET 1:		85 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10003-3019
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>c80283_8k.htm
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, DC 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Date of Report (Date of earliest event reported):<B>
February 9, 2015</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ARK RESTAURANTS CORP.</B><BR>
(Exact name of registrant as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; text-align: center"><FONT STYLE="font-size: 12pt; color: black">New York</FONT></TD>
    <TD STYLE="width: 40%; text-align: center"><FONT STYLE="font-size: 12pt; color: black">1-09453</FONT></TD>
    <TD STYLE="width: 30%; text-align: center"><FONT STYLE="font-size: 12pt; color: black">13-3156768 &nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 12pt; color: black">(State or other jurisdiction</FONT><BR>
<FONT STYLE="font-size: 12pt; color: black">&nbsp;of incorporation)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 12pt; color: black">(Commission</FONT><BR>
<FONT STYLE="font-size: 12pt; color: black">&nbsp;File Number)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 12pt; color: black">(IRS Employer</FONT><BR>
<FONT STYLE="font-size: 12pt; color: black">Identification No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>85 Fifth Avenue<BR>
New York, New York 10003</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">(Address of principal
executive offices, with zip code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&#8217;s telephone number, including
area code:<B> (212) 206-8800</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 3%; text-align: justify">&#9744;</TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 96%; text-align: justify"><FONT STYLE="font-size: 12pt; color: black">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&#9744;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt; color: black">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&#9744;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt; color: black">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&#9744;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 12pt; color: black">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c))&nbsp;</FONT></TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top; font-size: 10pt">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 10%; font-size: 10pt"><B>Item 2.02</B></TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 90%; font-size: 10pt"><B> Results of Operations and Financial Condition.</B></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif;  margin: 0pt; margin: 0">&nbsp;</p>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">On February 9, 2015,
ARK Restaurants Corp. (the &#8220;Company&#8221;) issued a press release announcing financial results for the first quarter ended
December 27, 2014. A copy of the press release titled &#8220;Ark Restaurants Announces Financial Results for the First Quarter
of 2015&#8221; is attached hereto as Exhibit 99.1 and is incorporated herein by reference.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0;">&nbsp;</p>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">The press release
contains certain non-GAAP Disclosures - EBITDA-Earnings before interest, taxes, depreciation and
amortization adjusted for non-cash stock option expense and non-controlling interests. Although EBITDA is not a measure of
performance or liquidity calculated in accordance with generally accepted accounting principles (GAAP), the Company believes
the use of this non-GAAP financial measure enhances an overall understanding of the Company&#8217;s past financial
performance, as well as providing useful information to the investor because of its historical use by the Company as both a
performance measure and measure of liquidity, and the use of EBITDA by virtually all companies in the restaurant sector as a
measure of both performance and liquidity.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">&nbsp;</p>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 36pt">This information is intended
to be furnished under this Item 2.02 of Form 8-K and shall not be deemed &#8220;filed&#8221; for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), or incorporated by reference in any filing under
the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such
a filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 10pt">
    <TD STYLE="vertical-align: top; width: 10%; font-size: 10pt"><B>Item 9.01.</B></TD>
    <TD STYLE="vertical-align: bottom; width: 90%; font-size: 10pt"><B>Financial Statements and Exhibits.</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>(d)</TD>
    <TD>Exhibits</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>99.1</TD>
    <TD>Press Release, dated February 9, 2015.</TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 18pt; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 18pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><B>ARK RESTAURANTS CORP.</B></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0; width: 40%">/s/ Michael Weinstein</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0; width: 7%">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Name: Michael Weinstein</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Title: Chief Executive Officer</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Date: February 10, 2015</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 3 -->
    <DIV STYLE="margin-top: 10pt; margin-bottom: 6pt; padding-bottom: 12pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
<!-- Field: /Page -->


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>c80283_ex99-1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><U>EXHIBIT 99.1</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Ark Restaurants Announces Financial
Results for the</B><BR>
<B>First Quarter of 2015</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">CONTACT:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Robert Stewart</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(212) 206-8800<BR>
<B><U>bstewart@arkrestaurants.com</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NEW YORK, New York &ndash; February
9, 2015 --</B> Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the first quarter ended December 27, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Total revenues for the three-month period
ended December 27, 2014 were $33,359,000 versus $32,138,000 for the three months ended December 28, 2013. The three-month period
ended December 27, 2014 includes revenues of $3,192,000 related to The Rustic Inn in Dania Beach, Florida, which was acquired
on February 24, 2014. The three-month period ended December 28, 2013 includes revenues of $1,564,000 related to four properties
closed subsequent to the three-month period ended December 28, 2013 due to lease expirations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Company-wide same store sales decreased
1.8% for the three-month period ended December 27, 2014 compared to the same three month period last year. This decrease resulted
primarily from a decrease in the usage of complimentaries by the ownership of the casinos at our Florida properties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s EBITDA, adjusted for
non-cash stock option expense and non-controlling interests, for the three-month period December 27, 2014 was $2,331,000 versus
$2,201,000 during the same three-month period last year. Net income for the three-month period ended December 27, 2014 was $722,000,
or $0.21,<B> </B>per basic and diluted share as compared to $563,000, or $0.17<B> </B>per basic and diluted share, for the same
three-month period last year. Included in net income for the three-month period ended December 27, 2014 are pre-opening losses
of $200,000 related to the new Rustic Inn in Jupiter, Florida, which opened on January 26, 2015. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 27, 2014 the Company had
cash and cash equivalents totaling $8,285,000. The Company has a bank note for the purchase of membership interests in Ark Hollywood/Tampa
Investment, LLC and the purchase of The Rustic Inn in Dania Beach, Florida with an outstanding balance of $6,872,000 at December
27, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ark Restaurants owns and operates 21 restaurants
and bars, 19 fast food concepts and catering operations primarily in New York City, Florida, Washington, D.C. and Las Vegas, NV.
Five restaurants are located in New York City, three are located in Washington, D.C., six are located in Las Vegas, Nevada, three
are located in Atlantic City, New Jersey, one is located at the Foxwoods Resort Casino in Ledyard, Connecticut, one is located
in Boston, Massachusetts and one is located in Dania Beach, Florida. The Las Vegas operations include four restaurants within
the New York-New York Hotel &amp; Casino Resort and operation of the hotel&rsquo;s room service, banquet facilities, employee
dining room and six food court concepts; one bar within the Venetian Casino Resort and one restaurant within the Planet Hollywood
Resort and Casino. In Atlantic City, New Jersey, the Company operates a restaurant and a bar in the Resorts Atlantic City Hotel
and Casino and a restaurant in the Tropicana Hotel and Casino. The operations at the Foxwoods Resort Casino include one fast food
concept and one restaurant. In Boston, Massachusetts, the Company operates a restaurant in the Faneuil Hall Marketplace. The Florida
operations include two Rustic Inn&rsquo;s, one in Dania Beach, Florida and one in Jupiter, Florida and the</P>
<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">operation of five fast food facilities
in Tampa, Florida and seven fast food facilities in Hollywood, Florida, each at a Hard Rock Hotel and Casino operated by the Seminole
Indian Tribe at these locations.</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">Except for historical information, this
news release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. These statements involve unknown risks, and uncertainties that may cause the Company&rsquo;s
actual results or outcomes to be materially different from those anticipated and discussed herein. Important factors that might
cause such differences are discussed in the Company&rsquo;s filings with the Securities and Exchange Commission. The Company disclaims
any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future
events or otherwise. Actual results could differ materially from those anticipated in these forward-looking statements, if new
information becomes available in the future.</P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ARK RESTAURANTS CORP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Consolidated Statements of Income</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>For the 13 week periods ended December 27, 2014 and December
28, 2013</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1px solid">(In Thousands, Except per share amounts)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">13 weeks ended</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">13 weeks ended</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">December 27,<FONT STYLE="font-family: Times New Roman, Times, Serif">
    2014</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">December 28,<FONT STYLE="font-family: Times New Roman, Times, Serif">
    2014</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="width: 66%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">TOTAL
    REVENUES</TD><TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">33,359</TD><TD STYLE="width: 1%; padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">32,138</TD><TD STYLE="width: 1%; padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">COST AND EXPENSES:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Food and beverage
    cost of sales</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8,747</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7,854</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Payroll expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10,855</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10,478</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Occupancy expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,193</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,401</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Other operating
    costs and expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,240</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,207</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">General and
    administrative expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,850</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Depreciation
    and amortization</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,105</TD><TD STYLE="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,147</TD><TD STYLE="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 20pt">Total
    costs and expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">32,140</TD><TD STYLE="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">30,937</TD><TD STYLE="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">OPERATING
    INCOME</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,219</TD><TD STYLE="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,201</TD><TD STYLE="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">OTHER (INCOME)
    EXPENSE:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">Interest (income)
    expense, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">57</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Other
    (income) expense, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(57</TD><TD STYLE="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(66</TD><TD STYLE="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 20pt">Total
    other income, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(54</TD><TD STYLE="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">INCOME BEFORE
    PROVISION FOR INCOME TAXES</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,219</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,255</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Provision
    for income taxes</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">342</TD><TD STYLE="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">399</TD><TD STYLE="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">CONSOLIDATED
    NET INCOME</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">877</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">856</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Net
    income attributable to non-controlling interests</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(155</TD><TD STYLE="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(293</TD><TD STYLE="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">NET
    INCOME ATTRIBUTABLE TO ARK RESTAURANTS CORP.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">722</TD><TD STYLE="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">563</TD><TD STYLE="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">NET INCOME
    PER ARK RESTAURANTS CORP. COMMON SHARE:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px; text-indent: -10pt; padding-left: 30pt">Basic</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">0.21</TD><TD STYLE="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">0.17</TD><TD STYLE="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px; text-indent: -10pt; padding-left: 30pt">Diluted</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">0.21</TD><TD STYLE="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">0.17</TD><TD STYLE="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -10pt; padding-left: 10pt">WEIGHTED AVERAGE NUMBER OF COMMON
    SHARES OUTSTANDING:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px; text-indent: -10pt; padding-left: 30pt">Basic</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,378</TD><TD STYLE="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,256</TD><TD STYLE="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px; text-indent: -10pt; padding-left: 30pt">Diluted</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,481</TD><TD STYLE="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,400</TD><TD STYLE="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 10pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><PAGE></PAGE></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt; width: 66%">EBITDA
    Reconciliation:</TD><TD STYLE="width: 3%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; width: 12%; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; width: 1%; font-size: 10pt">&nbsp;</TD><TD STYLE="width: 3%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; width: 12%; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; width: 1%; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt">Pre tax income</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,219</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,255</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt">Depreciation
    and amortization</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,105</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,147</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 20pt">Interest
    expense, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">57</TD><TD STYLE="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">12</TD><TD STYLE="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">EBITDA
    (a)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,381</TD><TD STYLE="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,414</TD><TD STYLE="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 10pt">EBITDA adjusted
    for non-cash stock option expense, and non-controlling interests:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt">EBITDA (as
    defined) (a)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,381</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,414</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -10pt; padding-left: 20pt">Net income
    attributable to non-controlling interests</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(155</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(293</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(229,255,255); font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 20pt">Non-cash
    stock option expense</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">105</TD><TD STYLE="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">80</TD><TD STYLE="padding-bottom: 1px; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White; font-size: 10pt">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">EBITDA,
    as adjusted</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,331</TD><TD STYLE="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 3px">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 3px double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,201</TD><TD STYLE="padding-bottom: 3px; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font: 10pt Times New Roman, Times, Serif">(a)</TD>
    <TD STYLE="width: 96%; font: 10pt Times New Roman, Times, Serif">EBITDA is defined as earnings before interest, taxes, depreciation
    and amortization and cumulative effect of changes in accounting principle. Although EBITDA is not a measure of performance
    or liquidity calculated in accordance with generally accepted accounting principles (GAAP), the Company believes the use of
    this non-GAAP financial measure enhances an overall understanding of the Company&rsquo;s past financial performance as well
    as providing useful information to the investor because of its historical use by the Company as both a performance measure
    and measure of liquidity, and the use of EBITDA by virtually all companies in the restaurant sector as a measure of both performance
    and liquidity. However, investors should not consider this measure in isolation or as a substitute for net income (loss),
    operating income (loss), cash flows from operating activities or any other measure for determining the Company&rsquo;s operating
    performance or liquidity that is calculated in accordance with GAAP, it may not necessarily be comparable to similarly titled
    measures employed by other companies. A reconciliation of EBITDA to the most comparable GAAP financial measure, pre-tax income,
    is included above.</TD></TR>
</TABLE>


<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Silver 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
